I would like to record one of my mixes, and the microphone play, and then burn it onto a CD. Do I have to have the MIC tab indicated while recording to record record the microphone use? Also, once I record the entire mix how do I burn it onto a CD?
I DO have Adobe Audition 3.0

You can record your mixes with Itch as well as the microphone. Once recorded, Itch will create a crate called recorded. Your recording will be there. Then you would locate the Serato Folder where your music is stored and look for the recorded crate and import your recording into itunes and burn a cd. Here is also a thread regarding recording.